Harrods says it is in the process of settling more than 250 claims for compensation over alleged sexual misconduct by former owner Mohamed Al Fayed.
The luxury department store in Knightsbridge, London, said it had “settled a number of claims with women” made against the Egyptian-born billionaire since last year.
It added that since a BBC documentary was broadcast last month, more than 250 individuals were “now in the Harrods process to settle claims directly with the business”.
Mr Al Fayed, who died in 2023 aged 94, bought Harrods for £615 million in 1985. In 2010, after 26 years in charge, he sold the department store to the Qatari royal family for a reported £1.5 billion.
The BBC’s Al Fayed: Predator At Harrods documentary reported the claims of five women who said they were raped by Mr Al Fayed, with a number of others alleging sexual misconduct.
On Tuesday, Bianca Gascoigne, a model and daughter of former England footballer Paul Gascoigne, claimed she was sexually assaulted by Mr Al Fayed. She alleged in an interview with Sky News that Mr Al Fayed would grope her and force her to kiss him during their weekly meetings after she began working at the store aged 16.
In a statement, Harrods said: “Since 2023, Harrods settled a number of claims with women who alleged historic sexual misconduct by Fayed. Since the airing of the documentary, so far there are over 250-plus individuals who are now in the Harrods’ process to settle claims directly with the business.”
Earlier this month, the group Justice For Harrods Survivors said the number of women “feeling safe to come forward” was “increasing on a daily basis”. The group has been approached for comment.
On Saturday, Scotland Yard said a “detailed and thorough” review of allegations against Mr Al Fayed was taking place, amid criticism of their actions in response to women who said they had been abused.
The Metropolitan Police asked prosecutors to decide whether to charge Mr Al Fayed in relation to two out of 21 women who made allegations, including of rape and sexual assault, between 2005 and 2023.
Evidence was shown to the Crown Prosecution Service (CPS) in 2009 and 2015, but it decided not to go ahead with either case because there was not “a realistic prospect of conviction”.
The Metropolitan Police sought “early investigative advice” from the CPS after 10 other allegations, but no further action was taken.
Mr Al Fayed was once among Britain's most high-profile businessmen, at one stage owning Fulham Football Club, as well as Harrods and the Paris Ritz.
He featured in Netflix drama The Crown, which portrayed him as a domineering figure in the life of his eldest son, Dodi, who he controlled with money. Dodi was involved in a relationship with Diana, Princess of Wales, when they died in a car crash in Paris in 1997.
The drama touched on Mr Al Fayed's upbringing in Egypt, charting his rise from a Coca-Cola seller on the streets of Alexandria to a charismatic businessman with interests across Europe and the Middle East, as well as an ostentatious social climber who revered the British royal family.
However, his efforts were never enough to become part of the inner circle, and he never received the British citizenship he sought.
If you go
Flights
Emirates flies from Dubai to Phnom Penh with a stop in Yangon from Dh3,075, and Etihad flies from Abu Dhabi to Phnom Penh with its partner Bangkok Airlines from Dh2,763. These trips take about nine hours each and both include taxes. From there, a road transfer takes at least four hours; airlines including KC Airlines (www.kcairlines.com) offer quick connecting flights from Phnom Penh to Sihanoukville from about $100 (Dh367) return including taxes. Air Asia, Malindo Air and Malaysian Airlines fly direct from Kuala Lumpur to Sihanoukville from $54 each way. Next year, direct flights are due to launch between Bangkok and Sihanoukville, which will cut the journey time by a third.
The stay
Rooms at Alila Villas Koh Russey (www.alilahotels.com/ kohrussey) cost from $385 per night including taxes.
Dubai World Cup factbox
Most wins by a trainer: Godolphin’s Saeed bin Suroor(9)
Most wins by a jockey: Jerry Bailey(4)
Most wins by an owner: Godolphin(9)
Most wins by a horse: Godolphin’s Thunder Snow(2)
Wenger's Arsenal reign in numbers
1,228 - games at the helm, ahead of Sunday's Premier League fixture against West Ham United.
704 - wins to date as Arsenal manager.
3 - Premier League title wins, the last during an unbeaten Invincibles campaign of 2003/04.
1,549 - goals scored in Premier League matches by Wenger's teams.
10 - major trophies won.
473 - Premier League victories.
7 - FA Cup triumphs, with three of those having come the last four seasons.
151 - Premier League losses.
21 - full seasons in charge.
49 - games unbeaten in the Premier League from May 2003 to October 2004.
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
LILO & STITCH
Starring: Sydney Elizebeth Agudong, Maia Kealoha, Chris Sanders
Director: Dean Fleischer Camp
Rating: 4.5/5
'Panga'
Directed by Ashwiny Iyer Tiwari
Starring Kangana Ranaut, Richa Chadha, Jassie Gill, Yagya Bhasin, Neena Gupta
Rating: 3.5/5
